# Table 21: Commodity Controls

| Specification | N_c | Z₁ | p-val | R² | Commodity coef | Z₁×Commodity |
|---|---|---|---|---|---|---|
| Baseline | 138 | 50.28*** | 0.0005 | 0.2712 | — | — |
| + Commodity dummy | 138 | 54.74*** | 0.0001 | 0.2968 | 6.41 | — |
| + Z₁ × commodity | 138 | 54.55*** | 0.0001 | 0.2974 | 6.04 | -0.27 |
| Excl all commodity exporters | 118 | 52.96*** | 0.0008 | 0.1289 | — | — |